Abstract:

In classical economics, entrepreneurship, one of the four factors of production, plays a crucial role in the emergence and continuity of economic activities. Although entrepreneurship was first introduced into the literature by the Irish economist Cantillon in the 18th century, various definitions and expressions have been encountered throughout the history of economic activities. This study examines how the definition of entrepreneurship found its place in the history of economic thought and its conceptual evolution. Traditional entrepreneurship represents a more institutionalized and localized approach, while the new generation of entrepreneurship is characterized by innovation, technology focus, and a global perspective. The transition between these two approaches has become more pronounced with the acceleration of economic and technological changes. Especially since the late 19th century, the concept of entrepreneurship has been referred to as the new generation entrepreneurship and has been explained through various definitions. This study attempts to explain the conceptual representation of entrepreneurship with definitions ranging from traditional entrepreneurship to new-generation entrepreneurship. In this context, the study reviews key works in the literature to emphasize the differences and similarities between traditional entrepreneurship and new-generation entrepreneurship. The study also chronologically examines entrepreneurship definitions found within economic thought systems.

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